For now, the RBI has ruled out the possibility of Islamic banking in India unless existing laws are amended. But worldwide, Islamic banking is one of the fastest growing financial sectors with current global Shariah-compliant banking assets estimated at $1,166 billion, up from $1,086 billion in 2011.
Since the launch of the first Islamic bank in the 60s, the model has gained a lot of traction in countries with significant Muslim communities. But the UK, with a Muslim community representing 3 percent of the population, is ranked ninth globally with Shariah-compliant assets of $19 billion that surpass even predominantly Muslim countries like Pakistan, Bangladesh, Turkey and Egypt...............................................Full Article: Source